Philippines warns public against investment scams

The Philippine government cautioned Sunday Filipinos against the proliferation of investment scams.

Presidential Communications Operations Office Secretary Herminio Coloma Jr., citing the report of the Department of Trade and Industry, said there were reports that investment scams utilizing the Internet and on line shopping were on the rise in the provinces.

The government official issued the advice after some Filipinos recently filed complaints before the Department of Justice after being duped in investing to a company supposedly after being promised of huge return.

He said the DTI, through the Consumers' Protection and Advocacy Bureau, and the Securities and Exchange Commission, through the Enforcement and Investor Protection Department, have been intensifying their campaign against these illegal activities.